Global X-Ray Detector Market to grow at 5% CAGR from 2016 to 2024
Rise in the aging population base, technological advancement, growing government investments, prevalence of chronic diseases and demand for photographic films due to FPDs (flat panel displays) are the major drivers. Increasing occurrences of chronic diseases such as arthritis, respiratory diseases, orthopedic and cardiovascular diseases is driving x-ray detector market size. Rising pollution levels and the severity of these chronic illnesses is leading to increase in demand for early diagnosis, which in turn is propelling the growth of diagnostic centers equipped with these systems. Increasing domestic and external accidents in densely populated economies have also fueled x-ray detector market size.
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News release of NIH (National Institute of Health), in March, 2016 state 8.5% of the global population is aged above 65 and projects the increase to reach 17% by 2050. Based on these projections, government, financial institutions and private investors are increasingly investing in the sector to support the growth and technological advancements in the industry.
Digitization is projected to result in decreased pricing of products such as FPDs used in the industry. Reducing costs of FPDs are bolstering x-ray detector market share. Moreover, the demand for photographic films has increased due to low sensitivity, increased time utilization and long processing time post-exposure. Demand for replacement of older analog systems will provide steady growth prospects for the industry.
Reimbursement cuts by manufacturers which was promoted by government initiatives are projected to positively impact x-ray detector market size. For instance, the Consolidated Appropriations Act signed in December 2015 included specific diagnostic radiology rules. Rules in the act promote advanced technologies by reimbursement cuts for analog system eventually aiding imaging providers.
Regulatory impositions are also restraining the growth owing to diversity of severe regulations. Certification of Compliance with a particular country’s radiation standards is not acceptable to major other regulatory standards. Moreover, excise taxes on medical devices in certain countries restrain growth. For instance, the U.S. Government levies heavy excise on medical device manufacturers, importers and consumers. Strict regulatory procedures for launching a product, coupled with high initial costs are projected to substantially hamper growth. Scarcity of skilled professionals for conventional operation of devices may hinder revenue.
Existing infrastructure of diagnostic radiology centers may provide opportunities for wireless detectors due to portability and power saving features. Growing medical tourism around the globe, especially in Asian countries are projected to enhance growth. India, Malaysia and Thailand may provide high ROI to the investments in the industry.
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By product, the industry is segmented into FPD, computed radiography (CR), line scan and charge couple device (CCD). FPD segment accounted for the largest x-ray detector market share owing to decreasing costs, technological advancements and precision in the outputs. FPDs are further segmented based on portability, panel size and system type.
The industry is further segmented into medical, dental, security, industrial and veterinary segments based on application. Medical application is projected to grow at a significant rate owing to requirements in cardiovascular and mammography procedures, increasing geriatric and orthopedic population. Demand will also be driven by several government agencies, including custom authorities, emergence responders, homeland security department and military.
Key participants in the industry include Varian Medical Systems, Perkinelmer, Canon, Konica Minolta, Thales Group, Agfa-Gevaerf Group, Analogic Corp., Fujifilm Medical Systems, YXLON International and Teledyne Dalsa. Technological advancement within the regulatory norms may provide the base to acquire significant position.
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